The US Government Ready to Discuss the Future of Cryptocurrencies and Money
The U.S. government will be debating about virtual currencies and their future as money in the crypto space and the economy. Cryptocurrencies have been expanding all over the world during the last years, but governments did not provide proper debate on the matter.
Of course, lawmakers, professors, academics, and experts have been discussing how to consider virtual currencies. Tomorrow Wednesday July the 18th, at 2pm EST, the US parliamentary sub-committee on Monetary Policy and Trade will be debating on digital currencies. The event will be dubbed:
‘Digital Currency: The Future of Money.’
If the Parliamentary Committee on Financial Services is going to prepare a hearing on cryptocurrencies that means that the US could be working and thinking about regulating the market in a more active way than before.
The panel will be conformed by important figures in the Economic and Finance world. We can mention the following:
- Dr. Rodney J. Garrat, Maxwell C., and Mary Pellish Chair, Professor of Economics, University of California Santa Barbara.
- Dr. Norbert J. Michel, Director, Center for Data Analysis, The Heritage Foundation.
- Dr. Eswar S. Prasad, Senior Fellow, The Brookings Institution.
- Mr. Alex J Pollock, Distinguished Senior Fellow, R Street Institute
The hearing will be discussing whether the US should consider cryptocurrencies as federal money. At the same time, it will be discussed which is the potential domestic and international utility for cryptos.
Regulations Around the World
There are different regulations expanding all over the world. Countries like South Korea or Japan are starting to impose stricter measures in a market that is heavily unregulated and has yet to become mature.
The United States may also be searching different ways to control and regulate virtual currencies in the country. During the last week, the US President Donald Trump, passed an executive order so as to set up a task force to control Market Integrity and Consumer Fraud.
At the same time, the Securities and Exchange Commission (SEC) has already announced that Bitcoin and Ether are not considered securities. It is important to see what will happen with other companies like Ripple and the currency XRP. Initial Coin Offerings (ICOs) are also expanding and are rising questions on regulators.
The US seems to be searching different ways to control the crypto market, and this hearing will be very important to define the future of the ecosystem in the country and all over the world.